Part I

Amends GS 135-3(a)(8)(membership in the Teachers and State Employees’ Retirement System [TSERS]) to provide that if a beneficiary who retired on an early or service retirement allowance under TSERS is reemployed by an employer with an option to elect to participate in either the Optional Retirement Program or a similar benefit to the Optional Retirement Program and that beneficiary does elect to participate in either program, then that beneficiary's retirement allowance will be suspended as of the first day of the month following the month in which the beneficiary was reemployed. Directs that the beneficiary's  retirement allowance will be reinstated as of the first day of the month following the month in which the beneficiary ceases contributing employment in the Optional Retirement Program or a similar benefit to the Optional Retirement Program. 

Part II

Amends GS 135-5 (benefits-TSERS), GS 128-27(benefits-Local Government Employees’ Retirement System [LGERS]), and GS 135-58 (benefits-Consolidated Judicial Retirement Act [JRA]]) to prevent a member in receipt of severance pay from an employer from receiving a retirement allowance while in receipt of the severance pay. Specifies that if the member is entitled to receive a lump sum as severance based on a certain period of time, then the member is not eligible to receive a retirement allowance for any month, beginning immediately after their separation from service to that employers, that includes the time period to determine the lump sum payment. Effective January 1, 2025, and applies to members in receipt of severance pay that begins on or after that date and to members entitled to receive a lump sum payment based on a certain period of time that begins on or after that date.

Part III

Amends GS 135-8(f)(collection of receipts as part of method of financing-TSERS) and GS 128-30(g) (same-LGERS) to specify that, in conjunction with the employer and employee contributions required under the statute, the information that the Board of Trustees directs employers to submit monthly that’s necessary for proper administration of each retirement system, actual valuation, and reporting are considered part of the required employee and employer contributions. Specifies that the employer and employee contributions are not considered received until the required information is submitted to the appropriate retirement system. Makes technical and conforming changes.  Effective January 1, 2025, and applies to employee and employer contributions, and the information to be submitted in conjunction with those contributions, required on or after that date. 

Part IV

Amends GS 120-4.26 (benefit payments under the Legislative Retirement System [LRS]), as follows. Specifies that If a member dies after the effective date of retirement for which the member has been approved, then one of the following apply: (1) If the Board of Trustees has received an election of benefits under this section that is properly filed and acknowledged by the member and the member dies before the date when the first payment on account of any benefit normally becomes due and the first benefit payment has occurred, then the retirement benefit will be payable as provided for by the member's election of benefits; (2) If the member dies prior to the receipt by the Board of Trustees of an election of benefits under this section that is properly filed and acknowledged by the member, then one of the following will apply: (i) If the member has no designated beneficiary for a return of accumulated contributions, then the administrator or executor of the member's estate will elect an option under this section and name the beneficiary or beneficiaries; (ii) If the member has only one designated beneficiary for a return of accumulated contributions, then that beneficiary may elect to receive the benefit; or (iii) If the member has more than one designated beneficiary for a return  of accumulated contributions, then the administrator or executor of the  member's estate will elect an option under the section and name the  beneficiary or beneficiaries. Makes conforming, clarifying, and technical changes. Makes language gender neutral. Applies to member deaths occurring after the act becomes law. 

Part V

Amends GS 135-18.8 (deductions for payments allowed-TSERS); GS 128-38.3 (same-LGERS); GS 120-4.32 (same-LRS); and GS 127A-40(h1)(pensions for members of the NC National Guard); to allow period deductions from a beneficiary’s retirement benefits to the specifies employees’ or retirees’ association so long the association received a deduction as of December 31, 2024, in addition to other requirements. Makes technical and organizational changes. Effective January 1, 2025. 

Part VI

Amends GS 135-75(h)(concerning Legislative Enactment Implementation Arrangement [LEIA]-TSERS) and GS 128-29(g) (same-LGERS) as follows. Extends the date by which each system’s board of trustees must stop directing payments to LEIA from November 1, 2026, to January 1, 2035. Expands permitted purposes of LEIA funds to include administrative or information technology purposes. Requires the appropriate board to identify the specific administrative or information technology purpose for which LEIA funds will be used and that the use of such funds is necessary to prevent an interruption to the normal operation of the retirement system. Amends the State Treasurer’s reporting requirements to provide additional information related to the LEIA, including the amount of funds expended from the LEIA and the administrative and information technology purposes for which the funds were expended along with the required determination of necessity.  Makes conforming, organizational, and technical changes. 

Part VII

Extends eligibility of the Supplemental Retirement Income Plan (SRP) under GS 135-92 to include (1) part-time and full-time employees of an employer that has one or more employees eligible for the SRP under GS 135-92 and (2) part-time and full-time employees of a State agency or institution, or any of its political subdivisions, that with the consent of the Board of Trustees, has elected to allow its employees to enroll in the SRP. Amends GS 135-93 (contributions) to allow employers, other than employers who are a State agency or institution, or any of its political subdivisions, that with the consent of the Board of Trustees, has elected to allow its employees to enroll in the SRP, to make contributions to the SRP. Effective January 1, 2025.

Part VIII

Amends GS 116B-59 (notice by holders to apparent owners under the NC Unclaimed Property Act [Act]) as follows. Amends required notice sent to apparent owners to include information about the date the holder intends to submit the required report and changes the deadline for submission of a proof of claim by the apparent owner to within 30 days of that date (currently, must submit statement by the following October 1, or if the holder is an insurance company, by the following April 1). Allows the Treasurer to waive the section, in whole or in part, upon its written consent, for good cause shown and upon conditions and terms prescribed by the Treasurer. Effective 30 days after the act becomes effective and applies to notices sent on or after that date.